The IPO issue of IRCON International that opened for subscription on Monday has been subscribed 49% so far on the second day of subscription. As per the NSE website data, Rs. 470 crore offer has received bids for 48.15 lakh equity shares as against the issue size of 99.05 lakh shares. The issue closes for subscription on September 19.

The portion of the IPO reserved for retail investors has been oversubscribed 1.44 times followed by non-institutional investor class that bid 0.0574 times.

The issue by the railways engineering and construction company includes an offer for sale (OFS) of 99,05,157 equity shares by the Government of India.

The price band for the issue has been fixed in the range of Rs. 470 to Rs. 475 per share.
Eligible employees and retail investors will be getting a discount of Rs. 10 per shares on the final issue price.

The book running lead managers to the issue are IDBI Capital Markets & Securities, Axis Capital and SBI Capital Markets. The equity shares of IRCON are proposed to be listed on BSE and NSE.

The 'mini-ratna' public sector firm is an engineering and transport company headquartered in New Delhi that specializes in transport infrastructure projects including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities.

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